I am an NRI and i have been approached by a few banks about their respective products on FCNR deposits with forward cover. Some of them are RupeeMax (HDFC Bank), Rupee Advantage Plan (Kotak), Premium Rupee Plan (YES Bank), etc. Their illustrations show a tax free interest rate of 12-14% per annum (5 year lock in) in YEN. I have been trying to get my head around it but i still havent been able to . . .